Economy & Investments

Trump Sets Date for Major Tax Reform Announcement Next Week

President Trump declared on Friday that a major announcement on tax reform will be coming next Wednesday.

In setting the stage he prepped the reform with a top-down review of Obama administration tax policies, ostensibly as a part of his plan to undo many of them.

The big question is what tax reforms Trump will press on Congress that may run counter to his push for the border wall, health care reform and a massive infrastructure package.

The reforms could be dead on arrival.

Here’s more from Newsmax…

President Donald Trump on Friday promised a big announcement about tax reform next week and ordered an administration review of Obama-era tax rules written to discourage U.S. companies from relocating overseas to cut their tax bills.

“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago, but it really formally begins on Wednesday,” Trump said during a visit to the U.S. Treasury Department.

First reported in an Associated Press interview with Trump, the news came as a surprise to lobbyists and congressional aides who had no idea what Trump’s announcement might include.

In February, Trump promised to release a “phenomenal” tax plan within a few weeks, without offering details. But none emerged.

A White House official said the impending announcement could come later than Wednesday, adding: “The president was saying what we’ve been saying all along, that he wants to do tax reform as quickly as possible while still doing it right.”

Trump’s latest comments got a warm reception from the Republican tax chief in the House of Representatives.

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